The Fed ends its balance sheet wind-down on December 1.
QT is over.
Translation?
💸 Liquidity is coming back.
The era of “tightening” quietly flips to loosening.
2️⃣
At the same time…
December is the front & delivery month at the COMEX.
That’s when the biggest physical deliveries take place.
And London (LBMA) is already running low. 👇
3️⃣
📉 TF Metals Report:
London silver stocks drawn down again in October
46 M oz drained from New York
22 M oz drained from Shanghai
Part of that metal was shipped to London just to keep it alive
1️⃣
Yesterday’s Open Interest jumped +1,892 contracts — clear signal that new money entered the market, not just short-term traders rolling positions.
Today? Price dropped to $48.68, only to bounce hard back above $49.00.
That’s not random. That’s buyers defending the floor.
2️⃣
When price dips with volume rising and open interest expands, it means someone’s accumulating — not running away.
Add to that 819 EFP contracts yesterday (exchange for physical).
Translation?
They’re moving silver off COMEX and locking in real metal.
3️⃣
The pattern is classic:
💥 Manipulative drop →
💪 Strong defense →
🔥 Short squeeze setup.
You can almost feel the tension.
If $49.00 breaks cleanly, next targets sit at $49.40–$49.60, and beyond that… the shorts will start sweating.